Vistar Classic Owner's Group

Bangalore Property: OC (Bangalore Occupancy Certificate) & CC : A complete guideline

Bangalore Occupancy Certificate: A complete guideline

A buyer can move into his/her new apartment only once the occupancy certificate (OC) has been received. This occupancy certificate is generally obtained from the Bruhat Bangalore Mahanagara Palike (BBMP) and it is mandatory for every residential complex, which is larger than five units, to obtain the occupancy certificate. It is illegal to move into a flat or house without receiving the occupancy certificate.

The occupancy certificate is processed once the Palike gets information from the owner or the buyer highlighting that the construction has been completed. The builder needs to fill an occupancy certificate application form for the issue of the certificate. The builder will also need to submit a few other documents that are listed below

Home Loans-Meaning of EMI, Pre-EMI and Pre-Construction Period.

It is everybody’s dream to have their own home. To fulfill this dream, home loan is a tool which will be handy in making your dream into reality. But before taking loan it is better if you have some knowledge about the meanings of EMI, Pre-EMI and Pre-Construction Period. Let us have look into each of them in detail.

1) EMI-EMI stands for Equated Monthly Installment. Suppose you took loan for Rs.50,00,000 and tenure being 20 years with interest rate 11%. Then your EMI will be Rs.51,609. But in allmost all cases you will not need whole loan amount immediately as construction will take 2 to 3 years. During this period you need partial amounts of your total loan amount throughout this construction period. In that case in EMI type of loans, without bothering about the construction period, you continue to pay the principal and interest. This option holds good to reduce your future loan commitment as you start immediate re-payment which includes Princiapl+Interest. But you will not get the tax benefit until your Pre-Construction period is over.

Difference between A Khata and B Khata-Bangalore Property

Few days back I came across the question from one of my friend and client who is interested to purchase land and that land is of B Khata. He asked me is it good to have this property with B khata and what is the difference between A Khata and B Khata. So just thought to write up on this issue.

First let us look at what is meant by “Khata” according to BBMP (Bruhat Bangalore Mahanagara Palike).Khata is an account of assessment of a property, recording details about your property such as size, location, built up area and so on for the purpose of payment of property tax. It is also a kind of identification of the person who is primarily liable for payment of tax. It is required when you require a building license, tradelicence or loan from banks or any other financial transactions. It is mandatory for all property owners to pay property tax, hence you need to have khata.